Russian President: Decentralized international financial system benefits global economy

According to Russia's TASS news agency, on May 24, Russian President Vladimir Putin said that the world economy will only benefit from the formation of a decentralized international financial system.

Speaking at the plenary session of the Second Eurasian Economic Forum in Moscow, President Putin stressed the need to coordinate joint efforts to create a new decentralized global financial system that would benefit and stabilize the world economy. He said that a decentralized financial system would help the world economy mitigate the negative effects of crises in countries with the advantage of holding global reserve currencies. According to the Russian leader, this would increase the security not only of payment transactions but also of the entire global economy, and would help prevent economic activities from being politicized .

Russian President Vladimir Putin. Photo: AFP/TTXVN

According to President Putin, Russia is seeking to reduce the share of currencies of unfriendly countries in payments and plans to cooperate more actively with partners around the world and the Eurasian Economic Union (EAEU), in particular with full conversion to national currencies. He said many other fast-growing economies in the world are now switching to using national currencies in international trade transactions, including China, India and Latin American countries.

The Russian leader assessed that the theme of this year's forum "Eurasian integration in a multipolar world" is very appropriate in the context of the world undergoing "fundamental changes". Many countries are pursuing independent domestic and foreign policies and supporting the construction of a new and fairer system of global economic relations.

According to VNA/Tin Tuc Newspaper

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